HSI received over €1m in funding this year from the ISC and was widely seen as a banker to qualify a team for London. However, a dismal showing in Madrid last month ended Ireland's chances.

The review team will seek the views of riders, management, support staff and other interested parties on a confidential basis and report to the board in January.

An Ireland team in London would have been strongly fancied given the favourable conditions of a 'home' games -- possibly even medal contenders. Ireland can still qualify two individuals through the world rankings.